- The move enhances Cintra’s presence in the toll road and concession business in Australia and New Zealand.
- The two companies are already partners in Nexus Infrastructure, the consortium developing the Toowoomba Second Range Crossing.
Ferrovial, through subsidiary Cintra, and Australian infrastructure operator Plenary have established a joint venture, Netflow, to compete in the Australia and New Zealand road infrastructure market.
Netflow combines the two partners’ extensive international experience in this area. “In Plenary we have found a partner with a similar approach to infrastructure development and management, and we look forward to growing a portfolio of road projects together,” said Cintra CEO Enrique Diaz-Rato.
Paul Oppenheim, CEO of Plenary, said the agreement is an opportunity to enhance their footprint in the Australian market. “The adaptation of our active equity approach to infrastructure projects complements Cintra´s investment approach. Our recent experience demonstrates that a focus on competition, innovative design, and customer focused operations leads to success,” he added.
The two partners are currently members of the Nexus Infrastructure consortium, which is developing the Toowoomba Second Range Crossing, worth 1.6 billion Australian dollars (around 1.1 billion euro). That project showcases the two companies’ ability to harness their knowledge and experience and apply them to local needs.
Netflow can benefit from the construction experience of Ferrovial Agroman, which is expanding in Australia, where it is building the Toowomba Second Range Crossing and two sections of the Pacific Highway. Phil Dreaver, a founding director of Plenary’s North American business, has been appointed Managing Director of Netflow.
Cintra is one of the world’s leading private sector developers of transportation infrastructure in terms of the number of projects and the volume of investment. It currently manages over 1,880 kilometers of toll roads in 26 concessions in Canada, the US, Europe, Australia and Colombia. Cintra is the largest shareholder in the 407 ETR concessionaire, in Ontario, Canada, with a stake of 43.23%.
Plenary Group is an independent, long-term investor, developer and manager of public infrastructure with 41 projects worth more than 29 billion Australian dollars across Australia, Canada and the US. It is involved in such projects as Sydney Metro Northwest and the High Capacity Metro Trains project in Melbourne.
